As of the end of business yesterday, about 54.6M shares had been tendered. Together with the 17.1M shares already owned by BGC Partners (NASDAQ:BGCP), it represents about 56.3% of all GFIG shares.

BGC expects to issue $6.10 per share payment on March 3.

GFI Group will from then be a controlled company and operate as a division of BGC, reporting to BGC President Shaun Lynn, The current GFI executive chairman and the current CEO will remain in their roles.

BGC Partners (NASDAQ:BGCP) $6.10 per share in cash tender offer for GFI Group (NYSE:GFIG) expires at the close of business tomorrow, and so far 43.3% of GFI shares have tendered (including those owned by BGC) - just shy of the 45% threshold.

The level was 43.3% at last check on February 4, suggesting about all of those who plan to tender may have done so (GFI management holds a major block of the stock).

The $6.10 per share in cash offer for GFIG was set to expire at the close of business today, but BGC Partners (NASDAQ:BGCP) extends until Feb. 19.

BGC chief Howard Lutnick says between 17.1M shares owned by his company and 37.9M tendered so far, owners representing 43.3% (70% if excluding those shares owned by GFI execs or directors) of GFI Group support the deal.

"We remain fully committed to completing our all-cash tender offer of $6.10 per share, which remains open to GFI Group (NYSE:GFIG) shareholders," says BGC Partners (NASDAQ:BGCP) CEO Howard Lutnick, following the rejection of the CME/GFI management bid last week. "Our tender offer is the only viable option for GFI stockholders seeking to maximize the value for their shares."

BGC's $6.10 per share cash tender offer is scheduled, for now, to expire at the close of business tomorrow.

GFIG last traded at $5.61.

For its part, the GFI board announces its intention to explore strategic alternatives.

GFI management had warned shareholders there was nothing stopping BGC Partners from pulling its offer, and - for now - the stock price is behaving as if this could be so. GFIG is lower by 1.1% to $5.62 per share.

"I urge you NOT TO BE FOOLED (Gooch's caps, not ours) by BGC's (BGCP+0.2%) continued insistence on ignoring the conditionality of its offer," says GFI Group (GFIG-2.3%) Executive Chairman Michael Gooch (who also controls 36% of the stock) in another letter to shareholders.

According to Gooch, should shareholders reject the CME Group/GFI bid tomorrow, there is little stopping BGC Partners from pulling its $6.10 per share offer and then poaching off GFI employees.

BGC Partners (NASDAQ:BGCP) CEO Howard Lutnick claims GFI Group (NYSE:GFIG) management is engaged in a last-minute whisper campaign saying BGC will not complete its tender offer at $6.10 per share if the CME Group merger falls through (the vote is tomorrow). "Nothing could be further from the truth," says Lutnick, who suggests GFI shareholders should read the signed and binding contract themselves.

It's BGC Partners' (NASDAQ:BGCP) serve and the company doesn't disappoint, responding to Michael Gooch's open letter to shareholders with one of its own.

"In a final desperate attempt to protect their conflicted and self-interested transaction, GFI (NYSE:GFIG) management is asking you to accept $5.85 per share in cash and stock, which is $0.25 less than BGC's $6.10 all-cash offer."

"Time is short," says BGC chief Howard Lutnick, urging GFI shareholders to vote against the merger with CME Group. The special meeting - originally set for yesterday - is due to take place on Friday.

Writing in his capacity as the controlling stockholder of Jersey Partners, a 36%+ owner of GFI Group (GFIG-2.6%), GFI Group founder and Executive Chairman Michael Gooch tells fellow owners they can opt for a "bird in the hand" - the CME/GFI offer - or hold out for "BGC in the bush."

Proxy advisory firm Institutional Shareholder Services recommends GFI Group (GFIG+1.8%) shareholders vote against the "economically inferior" offer by CME Group and GFI management of $5.85 in cash and stock. BGC Partners (BGCP+1%) has an offer on the table for $6.10 in cash.

More from ISS: "It is not at all clear that unaffiliated shareholders incur any greater downside risk in holding out for the economically superior offer from this ongoing bidding war." If owners vote against the CME deal and nothing improves, says ISS, they can always tender their shares to BGC for $6.10.